Coty has strategically partnered with two of the fastest-growing beauty brands on social media, Kylie Cosmetics, and Kylie Skin, by Kylie Jenner.
With Kylie and Coty teaming up, the long-term plan is to transform Kylie's current business into a "global powerhouse brand." Coty, on the other hand, is focused on becoming more agile as a company.
Their joint strategy will focus on entering new beauty markets with global expansion as a goal. Kylie will keep control over the creative side in terms of communications and product initiatives, while Coty will oversee the development of their portfolio, and aspects relating to the distribution and manufacturing.
Kylie Jenner attends the 2nd Annual Diamond Ball at The Barker Hanger on December 10, 2015, in Santa Monica, California. | Source: Getty Images.
Also, Coty will act as a licensee for the nail products, skincare, and fragrances created and manufactured. And the two parties couldn't be more thrilled by their new collaboration.
“This new partnership between Kylie and Coty is an exciting step in Coty’s renewed emphasis on its beauty business. Kylie is a modern-day icon, with an incredible sense of the beauty consumer, and we believe in the high potential of building a global beauty brand together,” Chairman of the Board, Peter Harf said.
According to Coty's Chief Executive Officer, Pierre Laubies, Kylie's "creative vision and unparalleled consumer interest" will help Coty transform their brand while building on their core strengths in skincare, cosmetics, and fragrances.
Kylie Jenner reacted with excitement as she said, "I look forward to continuing the creativity and ingenuity for each collection that consumers have come to expect and engaging with my fans across social media. This partnership will allow me and my team to stay focused on the creation and development of each product while building the brand into an international beauty powerhouse.”
Kylie Jenner attends the Costume Institute Gala at Metropolitan Museum of Art on May 1, 2017, in New York City. | Source: Getty Images.
With an estimated $177 million in net revenue over the trailing twelve months, Kylie Cosmetics will be owned in majority by Coty once their $600 million acquisition of 51% of the company closes in the third quarter of 2020's fiscal year.
The youngest self-made billionaire launched her cosmetics brand, Kylie Cosmetics, in November 2015 due to her passion for the beauty industry and her love for makeup.
Her debut product, the infamous "Lip Kit," became a sensation as the new concept of creating the perfect pout with matching lip liner and liquid lipstick took the industry by storm, changing it forever.
The beauty mogul since expanded her product base with a full range of cosmetics, including concealers, blushes, eyeshadow palettes, highlighters, and more.
Kylie Jenner attends the 61st Annual GRAMMY Awards at Staples Center on February 10, 2019, in Los Angeles, California. | Source: Getty Images.
Kylie turned twenty-two in August, which made the success she reached with her company so much sweeter earlier this year.
In March, Forbes shared that Kylie Jenner had become the youngest-self made billionaire, younger than Facebook's Mark Zuckerberg when he reached the impressive milestone.
However, the announcement soon sparked tons of comments from fans that didn't quite agree on the "self-made" part, including the outspoken television personality, Piers Morgan.